In yet another short in the long unraveling wires holding Enron Corp. together, the bankrupt company and UBS Warburg on Monday delayed the official announcement of a transaction that would send Enron’s energy wholesale unit into the hands of the Swiss-based investment banking conglomerate. The transaction, set to be announced first Monday morning and then the afternoon, was instead moved to 11 p.m. EST Monday night.
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Bearish Storage and Weather Seal the Deal for December
In addition to the shock surrounding the latest on the unraveling of market-maker Enron, natural gas traders and market watchers were rocked again Wednesday by another in a string of bearish reports by the American Gas Association. The group announced that 12 Bcf was injected into underground storage facilities for the week ending Nov. 23, bringing gas levels to a record 3,144 Bcf. In a fitting twist, December natural gas futures spiraled lower on the news, surpassing previous lows reached early in 1999, just weeks after storage levels had crested a new peak (at that time) of 3,127 Bcf.
November 29, 2001
Settlement Reached in PITCO Restructuring
Parties have reached an agreement on terms for unravelinglong-term transportation arrangements that for years enabledSouthern California Gas to control its imports of Canadian gasthrough its paper pipeline affiliate, Pacific InterstateTransmission Co. (PITCO).
September 28, 1998
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